U.S. officials are charging a former client advisor of the Swiss bank of stealing nearly $6 million from clients.
A former UBS broker appeared in court in Miami overnight to face charges that he stole $5.8 million from one family of clients at the Swiss bank, the U.S. Justice Department said in a statement. It isn't clear what role UBS had in uncovering the alleged scam.
The 56-year-old spent approximately $4.6 million of the stolen money on several women with whom he was romantically linked, the Securities and Exchange Commission alleged in its lawsuit against him.
Gifts And Repayments
He bought gifts, vacations, luxury cars, tuition for private school, and an apartment in Colombia, according to the SEC. He used the remainder – $1.2 million – to repay another UBS client whom he had allegedly also misappropriated money from.
The Florida broker between 2014 and 2020 lied to his clients about performance and rate of return on their UBS accounts, forged signatures, and even prepared a sham contract to buy a piece of land in Colombia, prosecutors allege.
